Bookkeeping for Owner-Operator Truck Drivers Accounting Services

It offers bookkeeping, tax preparation, and business advisory services. TruckingOffice trucking management solution was designed with a trucker on the team. From the very beginning, the IFTA was as much a focus as the billing module. We’ve refined the IFTA report to help you be confident that the numbers are right. We update our databases of the jurisdictions tax rates as early as we can to let you know what you’re going to pay. You can even use our report to figure out where you need to buy fuel to reduce those IFTA payments.

Scanned images of receipts are acceptable, but keep original paper copies for warranty purposes for any big-ticket items you purchase. Save yourself the trouble at the end of every month by applying for a business credit card and bank account. That way, you won’t have any mix-ups between personal and business expenses. The last thing you want is to end up paying a business expense out of your own pocket. Rigbooks analyzes each of your loads to let you know its true cost per mile. That way you can choose the most profitable loads and avoid wasting time and money.

It may be best for an important part of our business, but it’s not the only component of computer software we need. That’s why trucking management solutions exist – because we need software specific to our business. Intuit now offers a time tracking software – at an extra charge. We know your favorite place is on the road, in your own rig, hauling a load. We aren’t just an owner-operator bookkeeping service, but a partner for your owner-operator business.

• Bookkeeping is an essential part of operating a trucking company.
• Accurate bookkeeping helps you avoid penalties and ensures you’re prepared for an audit if necessary.
• Check expenses to your bank accounts to make sure they are legitimate expenses, especially if you’re not the only one with access to the account.
• It offers bookkeeping, tax preparation, and business advisory services.

With this information, we can provide you with your quarterly estimated tax payments and prepare tax returns for you at the end of the year. For trucker drivers who prefer to spend their off-duty time resting up for their next long-haul trip, hiring a bookkeeper can be a great investment. Bookkeepers can be a great source of financial knowledge and may be able to share valuable insight that can improve your business’ overall performance. That’s why we’ve put together a few truckers’ bookkeeping tips to simplify your bookkeeping process. There are many benefits that come with using a bookkeeping service for your trucking business. In this article, we will discuss important things to consider when you search for one.

Truckers Bytes TMS Cost:

And you should be documenting them for your finances on a regular basis. As a trucking owner-operator, however, bookkeeping is an important part of running your trucking business. Understanding bookkeeping helps to give you a clear picture of your business’ performance and be prepared for when tax time rolls around. The top bookkeeping apps for truckers include QuickBooks, My CPA Dashboard, Rigbooks.com, and Q7. Each app offers features tailored to the needs of truckers, such as expense tracking and tax compliance.

The Trucker CFO is a Certified Public Accountant (CPA) who specializes in helping owner-operators, independent contractors, fleet owners and trucking entrepreneurs. With our bookkeeping service, we utilize strategies and solutions to help you manage your money effectively and help increase your profits. Also, having a bookkeeper who prepares taxes makes it easier to file your tax return. If your bookkeeper and tax preparer work together, they can find all the legal deductions you are entitled to, so you don’t pay more in taxes than you have to. This option is a lot more efficient and more accurate than giving your documents to a tax preparer who doesn’t know your business. Looking for a bookkeeper that does tax reconciliation will also be beneficial for your trucking business.

Hiring a Bookkeeper

The Trucker CFO Team understands and appreciates that bookkeeping for your business is challenging when you’re on the road. You can email us or you can upload your business receipts to a secure portal. We’ll enter them into your specific account so you see the current financial status of your business in real time. It also integrates seamlessly with TruckingOffice, a trucking management system that helps you manage your dispatches and business expenses, as well as prepare your IFTA reports. Pro Transport (TMS Platform) provides a wide range of trucking management features like dispatch, safety and maintenance tools, and also bookkeeping tools.

• By using the right tools and following best practices, you can ensure that your business remains financially healthy and compliant with IRS regulations.
• Rigbooks even adds up your IFTA mileage entries – and fuel receipts!
• You’ll also have an easier time tracking and documenting your spending, as most accounting software can integrate with your bank account.
• Best practices for truckers include keeping digital copies of bills and receipts, learning about tax deductions, using a dedicated business bank account, and updating books daily.
• But to choose profitable loads you NEED to know the true costs in your business.

Rigbooks.com

What does taking the garbage out and recording expenses have in common? You may dread them, you may forget to do them, but they’re necessary and have to be done eventually. Access all these features from your computer or mobile device, so you’re ready for anything on and off the road. Yes, Rigbooks provides English speaking email support for all customers. We do our best to respond to every email within just a few hours of receiving it. All tech support is handled in-house by the people that created the product.

Keep Track of Upcoming Invoices

Maintain digital copies of receipts, invoices, and financial statements. The IRS requires you to keep records for at least three years in case of an audit. Cash flow management is essential to ensure you have enough money to cover expenses and emergencies.

That’s why it may be best to look into using a bookkeeping service for your business that works specifically with owner-operator truck drivers. TruckingOffice was found to be a very lean, useful, and productive platform for trucking businesses to do bookkeeping and accounting and run operations. If you are looking for bookkeeping software, TruckingOffice may not have all the accounting features that make you happy. Our reviewers found out that ProTransport is compatible with trucking companies of all sizes. It offers bookkeeping services like invoice creation, accounts receivable, accounts payable, profit and loss, and unlimited document storage. Bookkeeping is an owner operator bookkeeping essential part of operating a trucking company.

TruckingOffice Cost:

There are going to be times when you don’t get a receipt, but you still need to keep track of the expense. These may include things like when you grab a drink out of the vending machine or wash your truck using coins. You should also use this to help you keep track of your mileage. Every month (or whenever you settle up your bookkeeping), you should include this information. You are going to want to have a system for keeping track of your mileage.

Additionally, there is free bookkeeping software for truckers to use. The practice of recording each financial transaction a company entity does from its inception to its closure is known as bookkeeping. Each financial transaction is documented based on supporting paperwork, depending on the type of accounting system the company uses. That’s right—all those little slips of paper you keep in your glovebox are important to your trucking business!

That IFTA sticker on your cab means you’re paying taxes every quarter. With a secure portal, you can log in to your personal account at any time and know that your information is safely password-protected. When you log in to the portal to review your data, you should also look for a bookkeeper that will allow you to call and ask questions without charging extra fees. ATBS just recently launched the new ATBS Hub, which makes working with us even easier! With the Hub, you’ll be able to scan or import receipts, settlements, and other documents with just a few taps. Avoid missed payments and stay on top of the money going out of your bank account by switching to electronic billing.

If you prefer to manage your financial records on your own, there are several ways to go about it. While some may choose to use the traditional pen and paper, it’s better to digitize your records to avoid risking damage or errors in entries. Well-organized financial records can also provide a great deal of information about your business. You can use this information to gauge your company’s performance and make decisions about your budget, workflow, investments, and potential growth. This is where your trucking management software comes in handy. The data your software collects from your bills, invoices, and receipts can all be used to help find and prove eligibility for your deductibles.

According to Barry, the biggest bookkeeping mistake that truckers and fleets often make is not doing any! When you don’t keep accurate financial records for your owner operator or carrier business, you’re left to guess on your yearly income taxes, which is likely to trigger an audit. With a secure online portal, you don’t have to go into an office or call your bookkeeper to access your information. This is especially convenient for truck drivers who are on the road and aren’t always able to go in and talk to their local accountant.

With TruckingOffice PRO, we have a specific report that will immediately tell you exactly what you owe. You can make those payments and get on with the business of trucking. With our secure client portal, you’re able to view all of this information at any time. You don’t even need to open a business account, which can come with extra fees. You just need an account that is different from your personal account. Not only is this good for business, it will help you keep track of your income and expenses.

Simply use your phone camera to take a photo of any receipts, invoices, business cards, or paper documents. Or, if you don’t find scanning each receipt a tedious task, try out Shoeboxed’s Magic Envelope service. Not all bookkeepers will perform all steps of the accounting cycle but it’s still important to understand how your work as the bookkeeper will effect the process.